On Tuesday, the lower legislative chamber of Antigua and Barbuda approved the 2026 Banking Amendment Bill, a landmark piece of legislation that overhauls the national rules governing abandoned bank deposits and unclaimed assets, while opening a new pathway to redirect stagnant financial resources toward targeted regional economic growth.
Introducing the bill to parliament, Prime Minister Gaston Browne laid out that the reform updates decades-old outdated protocols for handling unclaimed property within the domestic banking sector, covering everything from long-dormant customer accounts to forgotten valuables held in bank safety deposit boxes, all while cementing stronger legal protections for depositors and their rightful heirs.
Under the current regulatory framework that has been in place for years, abandoned funds are transferred to the Eastern Caribbean Central Bank (ECCB) after a decade of inactivity, and if no valid claim is filed within an additional 10 years, the assets are permanently forfeited. The new amended law upends this structure: it allows unclaimed funds to be transferred to the governments of member states of the Eastern Caribbean Currency Union, while enshrining an indefinite right for original depositors or their beneficiaries to reclaim full value of the assets at any point, as long as they can verify their legal ownership.
Browne emphasized to lawmakers that this structure offers far more robust protection for asset owners than the outgoing legislation, which placed a hard expiration on all claims. He added that across the entire Eastern Caribbean Currency Union, unclaimed deposits add up to an estimated $48 million US dollars – a massive underutilized asset pool that can be put to productive public use without ever compromising the rights of owners and their heirs.
Beyond the reform of unclaimed asset rules, the prime minister outlined an ambitious broader vision for regional economic transformation centered on the ECCB’s substantial foreign reserve holdings. Currently, the ECCB holds roughly $6 billion US dollars in foreign reserves, the vast majority of which are invested overseas. Browne is proposing that between 5 and 7 percent of these reserves be allocated to finance strategic regional development projects, with a priority focus on two critical areas: renewable energy development and regional food security.
For decades, the Eastern Caribbean dollar has been celebrated for its strong reserve backing, which currently sits close to 98 percent – far higher than the mandatory regulatory threshold. Browne argued that deploying a small fraction of these reserves to regional projects will generate inclusive economic growth without putting monetary stability at any meaningful risk. He noted that investments in local renewable energy infrastructure would cut the region’s heavy reliance on costly imported fossil fuels, bring down consumer electricity prices, further strengthen foreign reserve positions over time, and help member states meet their international climate change mitigation commitments.
Browne disclosed that the ECCB’s Monetary Council has already reached a preliminary consensus to move forward with the proposal, and noted that additional amendments to regional banking legislation will likely be required to formally grant the ECCB authority to make these strategic regional investments. He stressed that the plan does not involve permanently distributing central bank reserves; instead, the funds will be disbursed as repayable loans, which will replenish the reserve pool over time while financing projects that deliver long-term shared economic benefits for the region.
A core principle of the proposal, Browne added, is that all investments made through this initiative must remain under regional and local ownership, rather than falling under the control of foreign private entities. The Antigua and Barbuda government prioritizes strategic projects like utility-scale renewable energy plants that include significant public and local private investment, so that profits generated by these projects stay within the region to support further growth. “We believe very strongly that ownership is empowerment,” Browne stated.
To illustrate the immediate local impact of the unclaimed funds reform, Browne noted that Antigua and Barbuda alone holds roughly $38 million US dollars in unclaimed deposits. After setting aside a sufficient reserve portion to cover any potential future claims, the remaining balance can be redirected to national development projects, rather than sitting idle in overseas accounts.
The new legislation also establishes a clear regulatory framework for unclaimed contents of safety deposit boxes. Under the new rules, valuables that remain unclaimed for 10 years may be sold through public auction, with the proceeds held in a newly created Safe Deposit Box Liquidation Fund for an additional 10 years, giving owners or heirs extra time to come forward to claim the funds.
Addressing any potential concerns about government overreach, Browne clarified to lawmakers: “We’re not just trying to go and confiscate people’s money. We’re not trying to steal people’s money. We’re trying to use that money for the development of our respective countries.”
During parliamentary debate, Trevor Walker, the member of parliament for Barbuda, raised questions about the provision that reduces the waiting period before assets are classified as abandoned to 10 years, but expressed support for the overall direction of the legislation. Walker backed the government’s focus on renewable energy development, saying that the country must continue its transition toward affordable clean power while ensuring that major strategic investments stay under local control.
“We must control it. It must not be outsourced,” Walker said, adding that the proposal represents the kind of forward-thinking policy that can improve long-term economic and environmental sustainability while lowering living costs for ordinary citizens. Walker ultimately announced his support for the bill, calling it a bold initiative that will strengthen Antigua and Barbuda’s global reputation as a progressive investment destination and move the country beyond outdated, conventional approaches to economic development.